Adjustments of Dollar Amounts

The amount of a deficiency judgment found in Minnesota Statutes, Section 325G.22, property exempt from creditor collection action in Minnesota Statute §550.37, and the homestead exemption in Minnesota Statute §510.02 will not increase effective July 1, 2016. These statutes require that the dollar amounts be adjusted in even numbered years based on a percentage change in the Implicit Price Deflator for the Gross Domestic Product.

Statute establishes that the percentage of change in the reference base index be 10% or more in order to adjust the dollar amounts. The portion of the percentage change in the index in excess of a multiple of ten percent is to be disregarded, and dollar amounts shall change only in multiples of ten percent. Information obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, indicates the percentage change from the revised reference base to be 6% calculated to the nearest whole percentage point as required. The index for December 2011 is the reference base index for adjustments, with 2005=100. The index was revised nationally to 2009=100. The rebased index for December 2011 is 103.783, increasing to 110.290 in December 2015, for a change of 6.13%.

The original and current dollar amounts are as follows:

Adjustments of Dollar Amounts

Original

7-1-12 (10% Increase)

Chapter 325G

Credit Extended: Minnesota Statute §325G.22, subd.1

3,000

6,900

Chapter 550

Personal Goods: Minnesota Statute §550.37, subd.4

$4,500

$10,350

Wedding Ring: Minnesota Statute §550.37, subd.4

$1,225

$2,817.50

Business: Minnesota Statute §550.37, subd.6

$5,000

$11,500

Insurance Benefits

$20,000

$46,000

Additional Dependent: Minnesota Statute §550.37, subd.10

$5,000

$11,500

Motor Vehicle

$2,000

$4,600

Modified for Disability

$20,000

$46,000

Minimum Cost of Modification: Minnesota Statute §550.37, subd.12a

$1,500

$3,450

Accrued Interest: Minnesota Statute §550.37, subd.23

$4,000

$9,200

Employee Benefits: Minnesota Statute §550.37, subd.24

$30,000

$69,000

Chapter 510

Homestead Exemption: Minnesota Statute §510.2, subd.1

$300,000

$390,000

Minnesota Statute §510.2 subd.1

$750,000

$975,000

The next published adjustment is scheduled on or before April 30, 2018, for July 1, 2018 based on the December 2017 index.